Luxury foreclosures

I have seen a recent trend lately towards luxury foreclosures in the Manatee County area.

We all knew about the affordable housing range foreclosures under $250k, a market which is quickly drying up. But there are starting to be more and more in the million dollar plus range.

We're talking foreclosures on the Manatee River in upscale communities. Homes that at one point would have commanded more than $2 million that will sell probably just over a million.

Homes that were listed just above a million that will probably sell for half of that.

I have even seen one home that was listed for more than $4 million in Lakewood Ranch that will now sell for probably less than half of that.

The banks want to move them off their books asap.

The market is starting to stabilize but the upper end of the housing market is really just starting to see what the lower end has been going through for several years.

All the best
Greg Owens PA
Keller Williams On The Water
941.932.6343
greg@teamworksfla.com